THE RELATIONSHIP BETWEEN CORPORATE GOVERNANCE MECHANISMS AND PROFIT SMOOTHING
|
|
- Deborah Carpenter
- 6 years ago
- Views:
Transcription
1 ISSN (Print), ISSN (Online) UDC/UDK : THE RELATIONSHIP BETWEEN CORPORATE GOVERNANCE MECHANISMS AND PROFIT SMOOTHING Mohammad Reza Pourali, Nasrin Dadashi Original scientific paper The present study aims to investigate some mechanisms of corporate governance on profit smoothing. In fact, it studies the relationship between institutional investors, outside board members, internal audit and profit smoothing. A hypothesis was formulated for each of these options and their effect on profit smoothing was tested. A regression model was used to test the hypotheses. Participants include companies listed on Tehran Stock Exchange during Studied sample includes companies. Relations were tested using an econometric model and ordinary least squares (OLS). The study used stepwise regression and Spearman correlation coefficient to prioritize. The results indicate a significantly positive relationship between nonexecutive board percentage and significantly inverse relationship between internal audit and common shareholders equity and profit smoothing. Spearman correlation test revealed that outside directors have the highest effect on profit smoothing. Keywords: corporate ownership structure, profit management, profit smoothing Odnos između mehanizama korporativnog upravljanja i zadržane dobiti Izvorni znanstveni članak Cilj je ovoga rada ispitati neke mehanizme korporativnog upravljanja zadržanom dobiti. U stvari, proučava se odnos između institucijskih investitora, vanjskih članova uprave, internog audita i zadržane dobiti. Formulirana je hipoteza za svaku od ovih opcija te je testiran njihov učinak na zadržanu dobit. Hipoteze su testirane modelom regresije. Među sudionicima su kompanije članovi Tehran Stock Exchange (teheranske Burze) u razdoblju Ispitivani uzorak uključuje kompanija. Odnosi su ispitivani primjenom ekonometrijskog modela i uobičajenih metoda najmanjih kvadrata (OLS). Primijenjena je postupna regresija i Spearmanov koeficijent korelacije kod određivanja prioriteta. Rezultati pokazuju značajno pozitivan odnos u postotku onih koji su vanjski članovi uprave i signifikantno suprotan odnos između internog audita i običnih dionica dioničara te zadržane dobiti. Spearmanov korelacijski test je pokazao da vanjski direktori uprave imaju najveći utjecaj na zadržanu dobit. Ključne riječi: struktura korporativnog vlasništva, upravljanje dobiti, zadržana dobit 1 Introduction The most important aspect of corporations is to separate ownership and its management. In the past 30 years, economics have reported many inter-group interest conflicts and how companies deal with these contradictions. These cases are generally considered as agency theory in management accounting. According to agency theory, owners attempt to maximize wealth; therefore, they monitor agency s work and evaluate its performance in order to achieve this goal [1]. Net profit is also one of the items included in the financial statements; it considerably influences the decisions of financial statement users such as shareholders and is highly interested. Hence, it is generally thought that the structure of corporate ownership may lead to a change in corporate behavior; this is due to business activity monitoring in which many investors are interested [2]. Theoretically, institutions may tend to actively monitor management [3]. Ownership structure considerably affects management decisions in favor of profit including profit management [1]. The subject of Corporate Governance raised in 10s in response to problems and effectiveness of director board in great corporations. Evaluation of Corporate Governance shows that it is a multidisciplinary concept whose ultimate goal is to achieve responsiveness, justice (fairness), transparency and respect for stakeholders equity [4]. Considering different properties of corporate governance can lead to controlled authorities in reporting. The system can be associated with firm performances, profit sharing policy, stock price, stock returns, corporate capital cost, effective agency cost and concepts like profit manipulation, profit management and profit smoothing. Profit smoothing indicates management efforts to reduce profit fluctuations in reasonable and acceptable range of accounting and management policies. Present study examines the relationship between corporate governance and profit smoothing mechanisms. 2 Literature review Some managers tend to manage and abuse profit and as a result provide shareholders with incorrect information; this causes serious damages to shareholders trust followed by acute economic consequences. Corporate governance may lead to good management practices, decrease in information asymmetry, increase in shareholders trust and ultimately decrease in profit management by inter-organizational mechanisms which are more optional [5]. Good governance, operational and financial transparency increases the liquidity of the stock market and as a result decreases information asymmetry between domestic and foreign investors [6]. Assessing institutional control and management of benefits arising from missed opportunities concluded that institutional investors avoid involvement to manage accruals in order to smooth profit to achieve the desired level of profit [7]. Using data from 175 Greek companies, evaluation of corporate ownership structure and firm performance showed that more centralized ownership structure is positively related to higher profitability and also that less dispersion leads to higher profit [8]. Evaluation of accrual management, investor s skills and equity concluded that institutional investors are more able to analyze accrual components compared to individual investors; this fact results in accurate evaluation of profit []. Assessment of profit management to increase profit threshold showed that profit management is a kind of Tehnički vjesnik 21, 3(2014),
2 The relationship between corporate governance mechanisms and profit smoothing artificial manipulation for some specific decisions, definition and main motivation for profit management and management of investors vision about business unit [10]. Analyzing financial statements and evaluating securities, Penman concluded that there is a direct relationship between profit quality and stock returns [11]. Moradzadeh et al. [12] examined the relationship between the number of institutional investors as well as their focus and profit management. He concluded that there is a significantly negative relationship between institutional ownership and profit management. Noravesh and Ebrahimi Kordlar [13] found that there is more information asymmetry in firms with high institutional investors; while, there is more information asymmetry in firms with low corporate investors. Assessing institutional ownership and conservative accounting, Mehrani et al. [14] showed that as institutional ownership increases, the companies tend to use more conservative procedures. Corporate governance literature emphasizes establishing internal audit, using outside members in the Board and performing independent audit. Correct implementation of corporate governance leads to on-time information disclosure and avoidance of severe fluctuations, profit estimates and manipulation in prices [15]. Chekili [18] examined the impact of some governance mechanisms on earnings management published by 20 anonymous listed Tunisian firms during the period, totaling a number of 200 observations. Usman and Shehu [1] investigated the relationship between earnings management and characteristics of corporate governance mechanism for a sample of Jordanian non-financial firms during the period Earnings management was measured by discretionary accruals using the Jones models. The results of their study indicated that the size of board of directors was the only variable that had a significant relation with earnings management. Investigating the relationship between corporate governance and earnings management is hard to study because firm level variation in governance (above regulatory minima) and accruals are both endogenous firm choices and there is limited time variation in governance [20]. 3 Objectives and hypotheses In order to answer the research questions, these hypotheses were formulated: H1. There is a significant relationship between institutional investment ownership and profit smoothing. H2. There is a significant relationship between outside board members and profit smoothing. H3. There is a significant relationship between internal audit and profit smoothing. 4 Research methodology The methodology used for this descriptive functional study is inductive. Data was rationally collected and was analyzed based on correlation using regression analysis. 4.1 Population, sampling and sample size Participants included the companies listed in Tehran Stock Exchange. The sample size was companies. Sampling method was conditional sampling to M. R. Pourali, N. Dadashi homogenize samples. Companies were included that meet the following requirements: - Companies accepted in stock before 2000 and their trademark not removed from stock trading panel up to the end of Financial mediator and investment companies are excluded, because their nature and works are different. - Companies with no losses during considered period. 4.2 Data analysis Required data were extracted using the software packages, TadberPardaz and information available in Tehran Stock Exchange (See Tab. 1). 4.3 Smoothing index (SMTH) The present study evaluated profit smoothing based on fluctuability (variability) of profits compared to cash flow fluctuations. For this, standard deviation of net profit before extraordinary items is divided by standard deviation of operational cash flows. To standardize profit and operational cash flows, they are divided by average total assets [16]. Computations are as follows: SMTH = NI/ CFO where, SMTH is profit smoothing index; NI is standard deviation of net profit before extraordinary items; CFO is standard deviation of cash flows from operations. Variables The dependent variable (profit smoothing) Independent variables Table 1 Observations and data collection Variables Net profit Cash flow from operations Total Assets institutional investors ownership Outside board directors Internal Audit Data collection method TadbirPardaz Documents available in Stock Exchange Documents available in Stock Exchange Firms Years Observations Net profit was extracted from income statement and cash flows of operations were extracted from cash flow statements. Assets were extracted from balance sheet and the total average was calculated as follow: ATA = TA t /TA t 1, where, ATA is average total assets; TA t is total assets in year t (assets at the end of the period); TA t 1 is total assets in year t 1 (assets at the end of the period). Finally, smoothing index is multiplied by ( 1) to interpret and separate smoothing companies from non- 618 Technical Gazette 21, 3(2014),
3 smoothing companies. Companies with a larger index (close to zero) are profit smoothing companies and others are non-profit smoothing companies. Other variables include institutional investors ownership, outside board directors and internal audit which can be extracted from board reports and issued statements. The present study used information available in the library of Stock Exchange, financial reports and documents of corporations, information and data from accounting software called RAHAVARD NOVIN and Stock Exchange website. indicated in the diagram below, since mean error distribution is zero and its standard deviation is close to 1, then distribution of regression errors is normal (Fig. 1). Durbin-Watson statistics is 2,03 according to estimated results. If Durbin-Watson statistics is 1,5 2,5, lack of self-correlation can be accepted between the model errors. Thus, independence of errors is confirmed in the estimated regression model. 4.4 Hypotheses and results As profit smoothing was calculated for studied companies, the following equation was used to determine the relationship between dependent and independent variables, and coefficients of corporate governance mechanisms on profit smoothing: Y = β 0 + β 1 X 1 + β 2 X 2 + β 3 X 3 + ε, where, Y is profit smoothing for firm i at the end of the year t; X 1 is institutional investors ownership in firm i at the end of the year t; X 2 is outside directors of the company i at the end of the year t; X 3 is internal audit of the company i at the end of the year t; B i is the estimated regression coefficients; ε is model error. Estimation of above equation determined the effect of corporate governance mechanisms on profit smoothing. The relationship, type of relationship (direct or inverse) and relationship size were extracted by estimation of coefficients β i. Statistical tests were also conducted by the software to determine reliability of the model. Model significance, significance of the relationship between dependent and independent variables, co-linearity of variables and homoscedasticity were determined by estimating F, statistical t, R 2 and Durbin-Watson (DW). In addition to least squares, the study used Spearman correlation coefficient and stepwise regression to test hypotheses. Calculations were performed by spreadsheet EVIEWS and SPSS software. In summary, the results suggested a significant relationship between three independent variables and dependent variable (income smoothing) and confirmed three hypotheses using three methods of ordinary least square regression, Spearman correlation coefficient and stepwise regression. 5 Results and discussion Tab. 2 shows that coefficient of determination is approximately 73 %. This means that 73 % of dependent variable can be explained by independent variables. Statistical T should be >1,6 in 5 % confidence level. T statistics related to all independent variables is significance in 5 % confidence level. F statistics should also be >3,8 in 5 % confidence level. In the estimated model, statistical F is 22 which indicate significance of the whole fitted model. Equation errors are also normally distributed with mean zero. To examine normalized equation errors, error component curve is plotted in regression model. As Figure 1 Histogram of error components Estimation of parameters was confirmed in last step of regression (Tabs. 3 and 4). Its R 2 is estimated as 0,67 suggesting that 67, % profit smoothing changes can be explained through three variables including outside board directors, institutional investors ownership and internal audit. Therefore, stepwise regression analysis indicated that explanatory variables including outside board directors, institutional investors ownership and internal auditor are significant for profit smoothing. Interestingly, results of ordinary least squares and stepwise regression are consistent to confirm or reject hypotheses, score and determine significance of the three variables for profit smoothing and they are significantly related. This indicates validity and accuracy of the results and interpretation. The findings of this study are in contrast with those of foreign studies; for example Xie et al. [17] studied corporate governance and profit management; evaluating 280 companies they found that profit management is less done in companies in which outside directors are more than total members. That is why the opposite observed in Iranian companies can be explained as follows: 1) Significant dominance of government on economics, including studied corporations. According to the dominance of the State on appointment of directors and board members of some governmental and semigovernmental companies, independence of outside directors and board members is practically damaged. Many of shareholders and representatives are dependent on governmental system. This results in underscored independence for decisions making and reporting by subsidiary companies. This is even true for other non-public companies; so that directors are appointed as a team of the same interests and the same benefits. Tehnički vjesnik 21, 3(2014),
4 The relationship between corporate governance mechanisms and profit smoothing 2) Considering physical presence of outside board directors in operational processes of subsidiaries for financial reporting, they may have less control on activities and validity of financial reports at the end of the year. As a result, they cannot prevent fraudulent practices of managers such as profit smoothing. M. R. Pourali, N. Dadashi 3) Short-time outside directors, which is not often more than one year, cause them to have less detailed knowledge of company processes. This can make them not properly able to prevent possible manipulations of profit and smoothing it. Independent variable Institutional investors Coefficients β of regression equation 1,42 Relationship with dependent variable - Table 2 Output of model Model output observations T statistics 6,684 P-value 0,0037 Durbin-Watson statistics F statistics Coefficient of determination R 2 ownership X 1 Outside board directors X 2 Internal Audit X 3 2,34 0, ,635 2, ,00 2,03 22, % Table 3 Statistics of last step regression Model Correlation Coefficient of Justified coefficient of coefficient determination determination Durbin-Watson statistics F statistics P value 1 0,824 0,67 0,634 1,777 1,4 0,000 Intercept Independent Variable (X 2) Independent Variable (X 1) Independent Variable (X 3) Table 4 Estimation of parameters for the last step Estimate Standard deviation 8,7 5,68 14,30 4,45 6,60 2,41 7,01 3,81 T statistics 1,548 3,214 2,733 1,836 P-value 0,220 0,002 0,034 0,011 6 Conclusion Generally, results suggest that there is a significant relationship between three mechanisms related to corporate governance including outside board directors, internal audit and institutional shareholders ownership and profit smoothing. Consequently, institutional shareholders ownership can be confirmed by profit smoothing. Thus, institutional shareholders ownership has the greatest influence on profit smoothing followed by outside board directors and finally internal audit. Inverse significance relationship between institutional investors ownership and profit smoothing in studied companies indicates their outstanding role in the company. This finding is consistent with Moradzadeh et al. [12] finding that has a significant negative relationship between institutional ownership level and profit management. Institutional investors have more information about the results of operations, profitability and future cash flows of a company compared to others. Hence, they are aware of profit smoothing or management of investing companies. This could lead to restrictions on profit smoothing or management by the managers of subsidiaries. Findings of the present study are consistent with this; while minor investors are not allowed to. Regulations of a company should be consistent with its regulatory atmosphere. Since some findings of this study done in Iran were different from similar foreign studies as well as differences in the economic, political and cultural settings of western countries and Iran, it is necessary to localize regulations related to corporate governance. Hence, it is appropriate to avoid copying and hasty adoption in writing regulations of exchange governance. Otherwise, the regulations will fail. Thus, it is helpful to consider findings of studies done in Iran and in Iranian economic atmosphere; it is expected to contribute to localizing regulations. 7 References [1] Osta, S. The relationship between ownership structure and profit management. // Financial Accounting Studies. 3, 2(2011), pp [2] Velury, U.; Jenkins, D. S. Institutional ownership and the quality of earnings. // Journal of Business Research. 5, 1(2006), pp [3] Shleifer, A.; Vishny, R. Large shareholders and corporate control. // Journal of Political Economy. 4, 2(186), pp [4] Jalali, F. Corporate Governance and Accounting as a Profession. // Accountant. 23, 16(2008), pp. 3-. [5] Hasas Yeganeh, Y. Corporate Governance of Iran. // Audit., 3(2006), pp [6] Chung, K. H.; Elder, J.; Kim, J. C. Corporate governance and liquidity. // Journal of Financial and Quantitative Analysis. 45, 2(2010), pp [7] Chung, R.; Firth, M.; Kim, J. B. Institutional monitoring and opportunistic earnings management. // Journal of Corporate Finance. 8, 1(2002), pp [8] Kapopoulos, P.; Lazaretou, S. Corporate Ownership Structure and Firm Performance: Evidence from Greek Firms. // Corporate Governance: An Institutional Review. 15, 2(2007), pp [] Balsam, S.; Bartov, E.; Marquardt, C. Accruals management, investor sophistication, and equity valuation: Evidence from 10Q filings. // Working paper, (2000). [10] Degeorge, F.; Patel, J.; Zeckhauser, R. Earnings management to exceed thresholds. // The Journal of Business. 72, 1(1), pp [11] Ou, J. A.; Penman, S. H. Financial statement analysis and the prediction of stock returns. // Journal of accounting and economics. 11, 4(18), pp Technical Gazette 21, 3(2014),
5 [12] Moradzadeh, M.; Nazemi, M.; Gholami, R.; Farzani, H. The Relationship between Institutional Ownership of Stock and Profit Management in Companies Listed in Tehran Stock Exchange. // Accounting and Auditing Studies of Tehran University, 85, 2(200), pp [13] Noravesh, I.; Ebrahimi Kordlar, A. The Relationship between Combination of Investors and Information Symmetry and Helpfulness of Performance Accounting Measures. // Accounting and Auditing Studies of Tehran University. 42, 4(2005), pp [14] Mehrani, S.; Moradi, M.; Eskandar, H. The Relationship between Institutional Ownership and Conservative Auditing. // Financial Accounting Studies. 2, 1(2010), pp [15] Hasas Yeganeh, Y.; Dadashi, I. Effects of Corporate Governance on Auditing Decisions about Risk and Planning. // Financial Accounting and Auditing. 2, 5(200), pp [16] Francis, J.; LaFond, R.; Olsson, P. M.; Schipper, K. Costs of equity and earnings attributes. // The Accounting Review. 7, 4(2004), pp [17] Xie, B.; Davidson, W. N.; DaDalt, P. J. Earnings management and corporate governance: the role of the board and the audit committee. // Journal of corporate finance., 3(2003), pp [18] Chekili, S. Impact of Some Governance Mechanisms on Earnings Management: An Empirical Validation Within the Tunisian Market. // Journal of Business Studies Quarterly. 3, 3(2012), pp [1] Usman Hassan, S.; Ahmed, A. Corporate Governance, Earnings Management and Financial Performance: A Case of Nigerian Manufacturing Firms. // American International Journal of Contemporary Research. 2,7(2012), pp [20] Nasev, J.; Kim, W. Does Corporate Governance Affect Earnings Management? Evidence from an Exogenous Shock to Governance in Korea. // University of Cologne Bernard Black, Northwestern University, Law School and Kellogg School of Management, Law and Econ Research. (2012), Authors addresses: Mohammad Reza Pourali Assistant Professor of Accounting, Department of Accounting, Faculty of Management and Accounting, Chaloos Branch, Islamic Azad University, Chaloos, Iran Pourali@iauc.ac.ir NasrinDadashi (Corresponding author) Department of Accounting, Faculty of Management and Accounting, Gilan Science and Research Branch, Islamic Azad University, Guilan, Iran nasrin.dadashi2012@yahoo.com Tehnički vjesnik 21, 3(2014),
Ac. J. Acco. Eco. Res. Vol. 3, Issue 2, , 2014 ISSN:
2014, World of Researches Publication Ac. J. Acco. Eco. Res. Vol. 3, Issue 2, 118-128, 2014 ISSN: 2333-0783 Academic Journal of Accounting and Economics Researches www.worldofresearches.com Influence of
More informationA Survey of the Relation between Tobin's Q with Earnings Forecast Error and Economic Value Added in TSE
AENSI Journals Advances in Environmental Biology Journal home page: http://www.aensiweb.com/aeb.html A Survey of the Relation between Tobin's Q with Earnings Forecast Error and Economic Value Added in
More informationThe relation between real earnings management and managers
European Online Journal of Natural and Social Sciences 2013; vol.2, No. 3(s), pp. 1308-1314 ISSN 1805-3602 www.european-science.com The relation between real earnings management and managers error in earnings
More informationA Survey of the Relationship between Earnings Management and the Cost of Capital in Companies Listed on the Tehran Stock Exchange
AENSI Journals Advances in Environmental Biology Journal home page: http://www.aensiweb.com/aeb.html A Survey of the Relationship between Earnings Management and the Cost of Capital in Companies Listed
More informationInvestigating the Effect of Capital Structure and Growth Opportunities on Earnings Management
Investigating the Effect of Capital Structure and Growth Opportunities on Earnings Management Mahmoud Nozarpour 1 Department of Accounting, Persian Gulf International Branch, Islamic Azad University, Khorramshahr,
More informationSensitivity of Cash Flow of Investment and Cost of Capital on Conservatism. Received: ; Accepted:
Cumhuriyet Üniversitesi Fen Fakültesi Fen Bilimleri Dergisi (CFD), Cilt:36, No: 4 Özel Sayı (2015) ISSN: 1300-1949 Cumhuriyet University Faculty of Science Science Journal (CSJ), Vol. 36, No: 4 Special
More informationINVESTIGATING THE RELATIONSHIP BETWEEN CORPORATE GOVERNANCE RANKING AND EARNINGS MANAGEMENT IN COMPANIES LISTED IN TEHRAN STOCK EXCHANGE
INVESTIGATING THE RELATIONSHIP BETWEEN CORPORATE GOVERNANCE RANKING AND EARNINGS MANAGEMENT IN COMPANIES LISTED IN TEHRAN STOCK EXCHANGE Yaser Sasaninejad MSc in Industrial Management - Financial Orientation.
More informationConservative Impact on Distributable Profits of Companies Listed on the Capital Market of Iran
Conservative Impact on Distributable Profits of Companies Listed on the Capital Market of Iran Hamedeh Sadeghian 1, Hamid Reza Shammakhi 2 Abstract The present study examines the impact of conservatism
More informationFatemeh Arasteh. Department of Accounting, Science and Research Branch, Islamic Azad University, Guilan, Iran. (Corresponding Author)
The study of relationship between capital structure, firm growth and financial strength with Financial leverage of the company listed in Tehran Stock Exchange Fatemeh Arasteh Department of Accounting,
More informationThe Impact of Information Risk on the Systematic Risk
The Impact of Information Risk on the Systematic Risk Mahmoud Moeinadin Department of Accounting, Yazd Branch, Islamic Azad University, Yazd, Iran Safaieeh, Shohadae gomnam Road, Zip code: 89195/155, Yazd,
More informationAccounting disclosure, value relevance and firm life cycle: Evidence from Iran
International Journal of Economic Behavior and Organization 2013; 1(6): 69-77 Published online February 20, 2014 (http://www.sciencepublishinggroup.com/j/ijebo) doi: 10.11648/j.ijebo.20130106.13 Accounting
More informationTHE IMPACT OF INSTITUTIONAL OWNERSHIPAND MANAGERIAL OWNERSHIP, ON THE RELATIONSHIPBETWEEN FREE CASH FLOW AND ASSET UTILIZATION
THE IMPACT OF INSTITUTIONAL OWNERSHIPAND MANAGERIAL OWNERSHIP, ON THE RELATIONSHIPBETWEEN FREE CASH FLOW AND ASSET UTILIZATION * Fatemeh Taheri 1, Seyyed Yahya Asadollahi 2, Malek Niazian 3 1 Department
More informationThe Relationship between Cash Holdings and the Quality of Internal Control over Financial Reporting of Listed Companies in Tehran Stock Exchange
Journal of Accounting, Financial and Economic Sciences. Vol., 2 (3), 142-147, 2016 Available online at http://www.jafesjournal.com ISSN 2149-7346 2016 The Relationship between Cash Holdings and the Quality
More informationRelationship between Some Opportunistic Behavior Criteria of Managers and the Profitability of Firms in the Tehran Stock Exchange
2013, TextRoad Publication ISSN 2090-4304 Journal of Basic and Applied Scientific Research www.textroad.com Relationship between Some Opportunistic Behavior Criteria of Managers and the Profitability of
More informationEffect of Earnings Growth Strategy on Earnings Response Coefficient and Earnings Sustainability
European Online Journal of Natural and Social Sciences 2015; www.european-science.com Vol.4, No.1 Special Issue on New Dimensions in Economics, Accounting and Management ISSN 1805-3602 Effect of Earnings
More informationAc. J. Acco. Eco. Res. Vol. 3, Issue 1, 71-79, 2014 ISSN:
2014, World of Researches Publication Ac. J. Acco. Eco. Res. Vol. 3, Issue 1, 71-79, 2014 ISSN: 2333-0783 Academic Journal of Accounting and Economics Researches www.worldofresearches.com A Study on the
More informationThe relationship between some corporate regulatory governance tools and economic and financial criteria used for performance evaluation
The relationship between some corporate regulatory governance tools and economic and financial criteria used for performance evaluation Ali Taheri Associate professor of Management Department, Tehran University,
More informationScience Arena Publications Specialty Journal of Accounting and Economics Available online at 2016, Vol, 2 (2): 19-23
Science Arena Publications Specialty Journal of Accounting and Economics Available online at www.sciarena.com 2016, Vol, 2 (2): 19-23 Investigating the impact of audit quality on earnings response coefficient
More informationJournal of Applied Science and Agriculture
AENSI Journals Journal of Applied Science and Agriculture ISSN 1816-9112 Journal home page: www.aensiweb.com/jasa/index.html Investigating the Relation of Independence of Boards of Directors with Earning:
More informationThe Relationship between the Corporate Governance and the Stock Institutional Ownership with the Dividend- a Case Study of Tehran
IOSR Journal of Business and Management (IOSR-JBM) e-issn: 2278-487X, p-issn: 2319-7668. Volume 15, Issue 2 (Nov. - Dec. 2013), PP 65-69 The Relationship between the Corporate Governance and the Stock
More informationThe Evaluation of Accounting Earnings Components Ability in Predicting Future Operating Cash Flows: Evidence from the Tehran Stock Exchange
J. Basic. Appl. Sci. Res., 2(12)12379-12388, 2012 2012, TextRoad Publication ISSN 2090-4304 Journal of Basic and Applied Scientific Research www.textroad.com The Evaluation of Accounting Earnings Components
More informationAc. J. Acco. Eco. Res. Vol. 3, Issue 2, , 2014 ISSN:
2014, World of Researches Publication Ac. J. Acco. Eco. Res. Vol. 3, Issue 2, 164-168, 2014 ISSN: 2333-0783 Academic Journal of Accounting and Economics Researches www.worldofresearches.com Impact of Financial
More informationThe Effect of Working Capital Strategies on Performance Evaluation Criteria
Asian Social Science; Vol. 11, No. 23; 2015 ISSN 1911-2017 E-ISSN 1911-2025 Published by Canadian Center of Science and Education The Effect of Working Capital Strategies on Performance Evaluation Criteria
More informationRelationship between Return on stocks and Asset Values in Dual Portfolio Consisting of Stock of Companies Listed on Tehran Stock Exchange
Original Article Print ISSN: 2321-6379 Online ISSN: 2321-595X DOI: 10.17354/ijssJuneI/2017/09 Relationship between Return on stocks and Asset Values in Dual Portfolio Consisting of Stock of Companies Listed
More informationExamining the relationship between growth and value stock and liquidity in Tehran Stock Exchange
www.engineerspress.com ISSN: 2307-3071 Year: 2013 Volume: 01 Issue: 13 Pages: 193-205 Examining the relationship between growth and value stock and liquidity in Tehran Stock Exchange Mehdi Meshki 1, Mahmoud
More informationA Study of the Factors Affecting Earnings Management: Iranian Overview
A Study of the Factors Affecting Earnings Management: Iranian Overview Farzaneh Nassirzadeh Assistant professor, Accounting Department, Ferdowsi University of Mashhad, Iran Mahdi salehi (Corresponding
More informationCash Flow, Earning Opacity and its Impact on Stock Price Crash Risk in Tehran Stock Exchange
Vol. 3, No. 4, October 2013, pp. 138 145 E-ISSN: 2225-8329, P-ISSN: 2308-0337 2013 HRMARS www.hrmars.com Cash Flow, Earning Opacity and its Impact on Stock Price Crash Risk in Tehran Stock Exchange Hossein
More informationManagement Science Letters
Management Science Letters 2 (2012) 2625 2630 Contents lists available at GrowingScience Management Science Letters homepage: www.growingscience.com/msl The impact of working capital and financial structure
More informationManagement Science Letters
Management Science Letters 3 (2013) 2971 2976 Contents lists available at GrowingScience Management Science Letters homepage: www.growingscience.com/msl A study on relationship between audit quality and
More informationCorporate Governance and Earning Quality: Evidence from Iran
Middle-East Journal of Scientific Research 11 (6): 702-708, 2012 ISSN 1990-9233 IDOSI Publications, 2012 Corporate Governance and Earning Quality: Evidence from Iran 1 1 2 3 Mahmoud Mousavi Shiri, Seyed
More informationThe relationship between pay policy dividends and earnings quality firms
International Research Journal of Applied and Basic Sciences 2014 Available online at www.irjabs.com ISSN 2251-838X / Vol, 8 (6): 667-674 Science Explorer Publications The relationship between pay policy
More informationAuthor for Correspondence
AN INVESTIGATION INTO THE RELATIONSHIP BETWEEN AUDITOR INDUSTRY SPECIALIZATION AND LENGTH OF AUDITOR TENURE, AND EARNINGS MANAGEMENT IN THE FIRMS LISTED IN TEHRAN STOCK EXCHANGE Khorshid Karimi 1 and *
More informationdoi: /zenodo Volume 2 Issue
European Journal of Economic and Financial Research ISSN: 2501-9430 ISSN-L: 2501-9430 Available on-line at: http://www.oapub.org/soc doi: 10.5281/zenodo.824675 Volume 2 Issue 3 2017 STUDY OF THE IMPACT
More informationEarnings Quality Determinants of the Jordanian Manufacturing Listed Companies
International Journal of Economics and Finance; Vol. 7, No. 5; 2015 ISSN 1916-971X E-ISSN 1916-9728 Published by Canadian Center of Science and Education Earnings Quality Determinants of the Jordanian
More informationTHE IMPACT OF EARNINGS MANAGEMENT INCENTIVES ON EARNINGS RESPONSE COEFFICIENTS OF COMPANIES
THE IMPACT OF EARNINGS MANAGEMENT INCENTIVES ON EARNINGS RESPONSE COEFFICIENTS OF COMPANIES *Hossein Ashrafi Soltan Ahmadi 1 and Faramarz Kazemi Hasirchi 2 1 Department of Accounting, Payame Noor University,
More informationThe Examination of Effective Factors on Financial Leverage of the Companies Subjected to Article 44 Listed in Tehran Stock Exchange
International Research Journal of Management Sciences. Vol., 2 (6), 180-186, 2014 Available online at http://www.irjmsjournal.com ISSN 2147-964x 2014 The Examination of Effective Factors on Financial Leverage
More informationImpact of Accruals Quality on the Equity Risk Premium in Iran
Impact of Accruals Quality on the Equity Risk Premium in Iran Mahdi Salehi,Ferdowsi University of Mashhad, Iran Mohammad Reza Shoorvarzy and Fatemeh Sepehri, Islamic Azad University, Nyshabour, Iran ABSTRACT
More informationCORRELATION BETWEEN OWNERSHIP CONCENTRATION, VOLUNTARY DISCLOSURE, AND INFORMATION ASYMMETRY IN COMPANIES LISTED ON THE STOCK EXCHANGE
CORRELATION BETWEEN OWNERSHIP CONCENTRATION, VOLUNTARY DISCLOSURE, AND INFORMATION ASYMMETRY IN COMPANIES LISTED ON THE STOCK EXCHANGE Fatemeh Sooudi Nakhodchari 1, Mansour Garkaz 2* 1 Department of Accounting,
More informationSTUDYING THE IMPACT OF FINANCIAL RESTATEMENTS ON SYSTEMATIC AND UNSYSTEMATIC RISK OF ACCEPTED PLANTS IN TEHRAN STOCK EXCHANGE
STUDYING THE IMPACT OF FINANCIAL RESTATEMENTS ON SYSTEMATIC AND UNSYSTEMATIC RISK OF ACCEPTED PLANTS IN TEHRAN STOCK EXCHANGE Davood Sadeghi and Seyed Samad Hashemi Department of Accounting Management,
More informationEXAMINING THE RELATIONSHIP BETWEEN CORPORATE SOCIAL RESPONSIBILITY AND STOCK PRICE CRASH RISK OF COMPANIES LISTED IN TEHRAN STOCK EXCHANGE
EXAMINING THE RELATIONSHIP BETWEEN CORPORATE SOCIAL RESPONSIBILITY AND STOCK PRICE CRASH RISK OF COMPANIES LISTED IN TEHRAN STOCK EXCHANGE Dariush Heidari and *Reza Fallah Department of Accounting, Ayatollah
More informationThe relationship between external debt and foreign direct investment in D8 member countries ( )
WALIA journal 30(S3): 18-22, 2014 Available online at www.waliaj.com ISSN 1026-3861 2014 WALIA The relationship between external debt and foreign direct investment in D8 member countries (1995-2011) Hossein
More informationThe Incremental Information Content of Income Smoothing in Firm Listed in Tehran Stock Exchange (TSE)
Research Journal of Applied Sciences, Engineering and Technology 5(21): 5122-5127, 2013 ISSN: 2040-7459; e-issn: 2040-7467 Maxwell Scientific Organization, 2013 Submitted: November 24, 2012 Accepted: December
More informationThe effects of financial and non-financial variables on financial information and investment efficiency in Tehran bourse
The effects of financial and non-financial variables on financial information and investment efficiency in Tehran bourse A. Reza Hadi Ghanavat 1, Mohammad Khodamoradi 2 2. 1. Department of Accounting,
More informationThe Effect of Free Cash Flow-based Agency Costs on Dividends in Companies Listed on the Tehran Stock Exchange (TSE)
The Effect of Free Cash Flow-based Agency Costs on Dividends in Companies Listed on the Tehran Stock Exchange (TSE) 1 Abbas Rostamlu 2 Reza Pirayesh 3 Kazem Hasani Abbas Rostamlu, Master of Accounting,
More informationThe effect of firm s performance on the stock liquidity (Empirical evidence: Tehran Stock Exchange)
Available online at www.scinzer.com Scinzer Journal of Accounting and Management, Vol 2, Issue 4, (2016): 11-15 DOI: 10.21634/SJAM.2.4.1115 ISSN 2415-1017 The effect of firm s performance on the stock
More informationINVESTIGATING THE RELATIONSHIP BETWEEN INSTITUTIONAL OWNERSHIP WITH FINANCIAL POLICIES AND PERFORMANCE OF LISTED COMPANIES IN TEHRAN STOCK EXCHANGE
INVESTIGATING THE RELATIONSHIP BETWEEN INSTITUTIONAL OWNERSHIP WITH INANCIAL POLICIES AND PERORMANCE O LISTED COMPANIES IN TEHRAN STOCK EXCHANGE Shohreh Heydari 1, Seyedeh atemeh Mir Razeghi 2, Armin Sharifi
More informationManagement Science Letters
Management Science Letters 3 (2013) 2039 2048 Contents lists available at GrowingScience Management Science Letters homepage: www.growingscience.com/msl A study on relationship between investment opportunities
More informationSTUDYING INFLUENCE OF SMOOTHING PROFIT ON BANK LOAN EXPENSES IN ACCEPTED COMPANIES IN TEHRAN STOCK EXCHANGE
STUDYING INFLUENCE OF SMOOTHING PROFIT ON BANK LOAN EXPENSES IN ACCEPTED COMPANIES IN TEHRAN STOCK EXCHANGE *Masoumeh Farokhi Namin 1 and Leila Farokhi Naming 2 1 Sarein Branch, Islamic Azad University,
More informationInformation disclosure quality and Earnings Management Evidence from Tehran Stock Exchange
Information disclosure quality and Earnings Management Evidence from Tehran Stock Exchange Fereydoun Ohadi 1, Tahmineh Shamsjahan 1 * 1 Department of Management and Economy,Sciences & Research Branch,
More informationThe Impact of Earnings Quality on Capital Expenditure
J. Appl. Environ. Biol. Sci., 6(2)147-152, 2016 2016, TextRoad Publication ISSN: 2090-4274 Journal of Applied Environmental and Biological Sciences www.textroad.com The Impact of Earnings Quality on Capital
More informationRelationship between Business Cycles and Financial Criteria of Performance Appraisal in Companies Listed in Tehran Stock Exchange
Relationship between Business Cycles and Financial Criteria of Performance Appraisal in Companies Listed in Tehran Stock Exchange Naser Yazdanifar Master of Accounting (Corresponding Author) Department
More informationThe Effect of Free Float on Cost of Equity Capital in the Companies Listed in Tehran Stock Exchange
International Journal of Basic Sciences & Applied Research. Vol., 2 (6), 635-639, 2013 Available online at http://www.isicenter.org ISSN 2147-3749 2013 VictorQuest Publications The Effect of Free Float
More informationTHE IMPACT OF FINANCIAL LEVERAGE ON AGENCY COST OF FREE CASH FLOWS IN LISTED MANUFACTURING FIRMS OF TEHRAN STOCK EXCHANGE
THE IMPACT OF FINANCIAL LEVERAGE ON AGENCY COST OF FREE CASH FLOWS IN LISTED MANUFACTURING FIRMS OF TEHRAN STOCK EXCHANGE Amirhossein Nozari MBA in Finance, International Campus, University of Guilan,
More informationThe relationship between firm's growth opportunities and firm size on changes ratio in retained earnings of listed companies in Tehran Stock Exchange
International Journal of Innovation and Applied Studies ISSN 2028-9324 Vol. 10 No. 3 Mar. 2015, pp. 923-931 2015 Innovative Space of Scientific Research Journals http://www.ijias.issr-journals.org/ The
More informationManagement Science Letters
Management Science Letters 3 (203) 05 2 Contents lists available at GrowingScience Management Science Letters homepage: www.growingscience.com/msl A study on relationship between instutional investors
More informationThe Relationship between Accounting Conservatism and Stock Price Crash Risk
Journal of Accounting, Financial and Economic Sciences. Vol., 2 (3), 152-158, 216 Available online at http://www.jafesjournal.com ISSN 2149-7346 216 The Relationship between Accounting Conservatism and
More informationTHE STUDY OF RELATIONSHIP BETWEEN UNEXPECTED PROFIT AND SHARES RETURN IN ACCEPTED COMPANIES LISTED IN TEHRAN STOCK EXCHANGE
: 953-963 ISSN: 2277 4998 THE STUDY O RELATIONSHIP BETWEEN UNEXPECTED PROIT AND SHARES RETURN IN ACCEPTED COMPANIES LISTED IN TEHRAN STOCK EXCHANGE HOUSHANG SHAJARI * AND ATEMEH KHAKINAHAD 2 : Department
More informationExamination of Fama-French Five-Factor Model by inclusion of corporate variables
Examination of Fama-French Five-Factor Model by inclusion of corporate variables Ali Asghar Anvary Rostamy Professor of Finance, Tarbiat Modares University, Tehran, Iran Shahla Rowshandel Phd Candidate
More informationA Survey about the Correlation between the Corporate Ethical Values and Understanding Earnings Management
International Research Journal of Management Sciences. Vol., 2 (1), 7-11, 2014 Available online at http://www.irjmsjournal.com ISSN 2174-964x 2014 A Survey about the Correlation between the Corporate Ethical
More informationThe Relationship between Earning, Dividend, Stock Price and Stock Return: Evidence from Iranian Companies
20 International Conference on Humanities, Society and Culture IPEDR Vol.20 (20) (20) IACSIT Press, Singapore The Relationship between Earning, Dividend, Stock Price and Stock Return: Evidence from Iranian
More informationJournal of Applied Science and Agriculture
AENSI Journals Journal of Applied Science and Agriculture ISSN 1816-9112 Journal home page: www.aensiweb.com/jasa The impact of economic factors on value relevance of accounting information earnings per
More informationImpact of Information Risk on the Liquidity Risk of the Firms Listed on the Tehran Stock Exchange
Vol. 3, No. 4, October 2013, pp. 300 307 E-ISSN: 2225-8329, P-ISSN: 2308-0337 2013 HRMARS www.hrmars.com Impact of Information Risk on the Liquidity Risk of the Firms Listed on the Tehran Stock Exchange
More informationManagement Science Letters
Management Science Letters 3 (2013) 107 118 Contents lists available at GrowingScience Management Science Letters homepage: www.growingscience.com/msl The effects of performance criteria including accounting,
More informationStudying the effect of assets return rate on stock price of the companies accepted in Tehran stock exchange
Peer-reviewed and Open access journal ISSN: 1804-1205 www.academicpublishingplatforms.com The primary version of the journal is the on-line version BEH - Business and Economic Horizons Volume 8 Issue 2
More informationThe Relationship between Cash Flow and Financial Liabilities with the Unrelated Diversification in Tehran Stock Exchange
Journal of Accounting, Financial and Economic Sciences. Vol., 2 (5), 312-317, 2016 Available online at http://www.jafesjournal.com ISSN 2149-7346 2016 The Relationship between Cash Flow and Financial Liabilities
More informationValue Relevance (VR), Earnings Management and Corporate Governance System
Value Relevance (VR), Earnings Management and Corporate Governance System Reza Dowlatabadi Department of Accounting, Sabzevar Branch, Islamic Azad University Sabzevar Branch, Iran Mahdi Filsaraei (Corresponding
More informationThe Impact of Surplus Free Cash Flow, Corporate Governance and Firm Size on Earnings Predictability in Companies Listed in Tehran Stock Exchange
International Business Research; Vol. 10, No. 11; 2017 ISSN 1913-9004 E-ISSN 1913-9012 Published by Canadian Center of Science and Education The Impact of Surplus Free Cash Flow, Corporate Governance and
More informationINTERNATIONAL JOURNAL OF HUMANITIES AND CULTURAL STUDIES ISSN
An Investigation of the Role of Financial Reporting Quality in Relation to Reducing the Impact of Dividend Policy Imposed on Investment Decisions (Accepted Companies in Tehran s Stock Exchange) * Amin
More informationCorresponding Author
International Research Journal of Applied and Basic Sciences 2013 Available online at www.irjabs.com ISSN 2251-838X / Vol, 6 (8): 1098-1104 Science Explorer Publications The relationship between Cash flows
More informationDetermining the Ranking of the Companies Listed in TSE by the Studied Variables and Analytic Hierarchy Process (AHP)
Advances in Environmental Biology, () Cot, Pages: - AENSI Journals Advances in Environmental Biology Journal home page: http://www.aensiweb.com/aeb.html Determining the ing of the Companies Listed in TSE
More informationReceived 23/02/2018 Approved 10/06/2018
Investigating the Role of Low Investment Moderation on the Relationship between Financial Reporting Quality and Investment in Firms Sara Ranjbar Kalibi 1, Zekvan Imani 2 Afshin Armin 3 1 Islamic Azad University,
More informationA study on the Relationship between Financial Flexibility and Cash Policies of Listed Companies in Tehran Stock Exchange
J. Appl. Environ. Biol. Sci., 5(7)138-143, 2015 2015, TextRoad Publication ISSN: 2090-4274 Journal of Applied Environmental and Biological Sciences www.textroad.com A study on the Relationship between
More informationSurveying Different Stages of Company Life Cycle on Capital Structure (Case Study: Production companies listed in Tehran stock exchange)
International Journal of Basic Sciences & Applied Research. Vol., 3 (10), 721-725, 2014 Available online at http://www.isicenter.org ISSN 2147-3749 2014 Surveying Different Stages of Company Life Cycle
More informationManagement Science Letters
Management Science Letters 4 (2014) 591 596 Contents lists available at GrowingScience Management Science Letters homepage: www.growingscience.com/msl Investigating the effect of adjusted DuPont ratio
More informationManagement Science Letters
Management Science Letters 3 (2013) 547 554 Contents lists available at GrowingScience Management Science Letters homepage: www.growingscience.com/msl The impact of financing method on performance of private
More informationFACTORS AFFECTING THE LEVEL OF ACCOUNTING CONSERVATISM IN THE FINANCIAL STATEMENTS OF THE LISTED COMPANIES IN TEHRAN STOCK EXCHANGE
FACTORS AFFECTING THE LEVEL OF ACCOUNTING CONSERVATISM IN THE FINANCIAL STATEMENTS OF THE LISTED COMPANIES IN TEHRAN STOCK EXCHANGE Gisu Geimechi Department of Accounting, Germi Branch, Islamic Azad University,
More informationThe Relationship between Financial Capital and Abnormal Yield in Newly- Arrived Companies in Tehran Stock Exchange
ORIGINAL ARTICLE Received 12 Dec. 2013 Accepted 26 Feb. 2014 2014, Science-Line Publication www.science-line.com ISSN: 2322-4770 Journal of Educational and Management Studies J. Educ. Manage. Stud.,4 (2):
More informationBijan ABEDINI 1 Mohammad Hosein RANJBAR 2 Azadeh MOZAFFARI Introduction
Vol. 4, No.1, January 2014, pp. 331 339 E-ISSN: 2225-8329, P-ISSN: 2308-0337 2014 HRMARS www.hrmars.com Investigating Effect of Accounting Conservatism and Earning Quality on Reaction of Investors to Cash
More informationA study of the relative and incremental information content of financial statements in forecasting stock price: Iranian evidence
African Journal of Business Management Vol. 6(23), pp. 6845-6852, 13 June, 2012 Available online at http://www.academicjournals.org/ajbm DOI: 10.5897/AJBM11.1511 ISSN 1993-8233 2012 Academic Journals Full
More informationImpact of External Financing Methods on Firm s Future Return Focusing on Working Capital Accruals
J. Basic. Appl. Sci. Res., 3(7)348-355, 2013 2013, TextRoad Publication ISSN 2090-4304 Journal of Basic and Applied Scientific Research www.textroad.com Impact of External Financing Methods on Firm s Future
More informationOWNERSHIP STRUCTURE AND THE QUALITY OF FINANCIAL REPORTING IN THAILAND: THE EMPIRICAL EVIDENCE FROM ACCOUNTING RESTATEMENT PERSPECTIVE
I J A B E Ownership R, Vol. 14, Structure No. 10 (2016): and the 6799-6810 Quality of Financial Reporting in Thailand: The Empirical 6799 OWNERSHIP STRUCTURE AND THE QUALITY OF FINANCIAL REPORTING IN THAILAND:
More informationStudy The Relationship between financial flexibility and firm's ownership structure in Tehran Stock Exchang.
Advances in Environmental Biology, 7(10) Cot 2013, Pages: 3175-3180 AENSI Journals Advances in Environmental Biology Journal home page: http://www.aensiweb.com/aeb.html Study The Relationship between financial
More informationINVESTIGATING THE ASSOCIATION BETWEEN DISCLOSURE QUALITY AND MISPRICING OF ACCRUALS AND CASH FLOWS: CASE STUDY OF IRAN
INVESTIGATING THE ASSOCIATION BETWEEN DISCLOSURE QUALITY AND MISPRICING OF ACCRUALS AND CASH FLOWS: CASE STUDY OF IRAN Kordestani Gholamreza Imam Khomeini International University(IKIU) Gholamrezakordestani@ikiu.ac.ir
More informationJ. Appl. Environ. Biol. Sci., 4(2s)74-79, , TextRoad Publication
J. Appl. Environ. Biol. Sci., 4(2s)74-79, 2014 2014, TextRoad Publication ISSN: 2090-4274 Journal of Applied Environmental and Biological Sciences www.textroad.com The Relationship between Profit Forecasting
More informationA STUDY OF THE RELATIONSHIP BETWEEN THE FINANCIAL AND NON-FINANCIAL VARIABLES, AND THE SYSTEMATIC RISK IN FIRMS LISTED IN TEHRAN STOCK EXCHANGE
ISSN : 0976-2876 (Print) ISSN : 2250-0138 (Online) A STUDY OF THE RELATIONSHIP BETWEEN THE FINANCIAL AND NON-FINANCIAL VARIABLES, AND THE SYSTEMATIC RISK IN FIRMS LISTED IN TEHRAN STOCK EXCHANGE ALI LALBAR
More informationJournal of Science and today's world 2013, volume 2, issue 1, pages: 58-72
Scholar Journal Available online: www.journalsci.com Journal of Science and today's world ISSN 2322-326x Research Article Explaining the Effects of Institutional ownership and increased capital ratios
More informationAvailable online at ScienceDirect. Procedia Economics and Finance 36 ( 2016 )
Available online at www.sciencedirect.com ScienceDirect Procedia Economics and Finance 36 ( 2016 ) 232 243 1st International Conference on Applied Economics and Business, ICAEB 2015 A Study on the Relationship
More informationApplied mathematics in Engineering, Management and Technology 2 (5) 2014:
Applied mathematics in Engineering, Management and Technology (5) 014:467-471 www.amiemt-journal.com Study of the correlation of economic value added, net income, and operational earnings with the stock
More informationInvestigate the Relationship Between Earnings Management incentives and Earnings Response Coefficient
Investigate the Relationship Between Earnings Management incentives and Earnings Response Coefficient 1-Seyd Fakhrodin Khamesi Hamane, Department of Accounting, Yazd Science and Research Branch, Islamic
More informationThe Effect of Economic Factors and Firm Characteristics on the Capital Structure of Listed Companies in Tehran Stock Exchange (TSE)
Journal of Financial Accounting Research 1 The Effect of Economic Factors and Firm Characteristics on the Capital Structure of Listed Companies in Tehran Stock Exchange (TSE) R. Hejazi* Associate Professor
More information*Mohammad Hamed Khanmohammadi 1, Elham Ahmadi 2, Jalil Teimoori 1 and Zahra Shafati 3. *Author for Correspondence
REVIEW OF THE RELATIONSHIP BETWEEN ASSET GROWTH RATE AND DIVIDEND POLICY AT EACH OF THE STAGES OF LIFE CYCLE ON TEHRAN STOCK EXCHANGE- LISTED COMPANIES *Mohammad Hamed Khanmohammadi 1, Elham Ahmadi 2,
More informationStudy of Relation between Market Efficiency and Stock Efficiency of Accepted Firms in Tehran Stock Exchange for Manufacturing of Basic Metals
2013, World of Researches Publication ISSN 2332-0206 Am. J. Life. Sci. Res. Vol. 1, Issue 4, 136-148, 2013 American Journal of Life Science Researches www.worldofresearches.com Study of Relation between
More informationijcrb.webs.com INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS MAY 2014 VOL 6, NO 1
Relationship Between Earnings Management Incentives and Cash Flow 1-Seyd Fakhrodin Khamesi Hamane, Department of Accounting, Yazd Science and Research Branch, Islamic Azad University, Yazd, Iran. 2- Saeed
More informationInvestment and financing constraints in Iran
International Journal of Economics, Finance and Management Sciences 213; 1(5): 252-257 Published online September 3, 213 (http://www.sciencepublishinggroup.com/j/ijefm) doi: 1.11648/j.ijefm.21315.17 Investment
More informationThe effect of cash flow on investment level of Listed Companies in Tehran Stock Exchange.
The effect of cash flow on investment level of Listed Companies in Tehran Stock Exchange Godratollah Talebnia 1, Rooholah majlesara 2, Yousef Ghanbari 3, Behnam Samadiyan 4* 1 Department of accounting,
More informationEvaluating the Relationship between Economic Values Added and Stock Return in Companies Listed at Tehran Stock Exchange
2013, TextRoad Publication ISSN 2090-4304 Journal of Basic and Applied Scientific Research www.textroad.com Evaluating the Relationship between Economic Values Added and Stock Return in Companies Listed
More informationAbstract. Introduction. Seyyed Youssef Ahadi Sarkani 1, Mohammad Talebi 2
European Online Journal of Natural and Social Sciences 2013; vol.2, No. 3(s), pp. 2146-2151 ISSN 1805-3602 www.european-science.com Investigating the Relationship between the Average Asset Age of Recognized
More informationThe Investigation of Relationship between Structure of Assets and the Performance of Firms Evidence from Tehran Stock Exchange
Research article The Investigation of Relationship between Structure of Assets and the Performance of Firms Evidence from Tehran Stock Exchange Claudio Sattoriva 1 Akbar Javadian Kootanaee 2 Jalal Seyyedi
More informationDoes cost of common equity capital effect on financial decisions? Case study companies listed in Tehran Stock Exchange
Does cost of common equity capital effect on financial decisions? Case study companies listed in Tehran Stock Exchange Anna Ghasemzadeh * Department of accounting, Bandar Abbas Branch, Islamic Azad University,
More informationAudit Report Lag and Auditor Change: Evidence from Iran
2012, TextRoad Publication ISSN 2090-4304 Journal of Basic and Applied Scientific Research www.textroad.com Audit Report Lag and Auditor Change: Evidence from Iran Bahman Banimahd, Mehdi Moradzadehfard,
More information